How To Manage Your Money (50/30/20 Rule)
In this video I present a high level overview on how to manage your money using the 50/30/20 Rule.
Money management is 90% discipline and 10% knowledge. The 50/30/20 rule will force you to create a budget and understand where every single one of your after-tax dollars is going.
50% of your budget should be spent on needs which are are things that are essential to life and that you literally cannot live without.
30% should be spent on wants which could be classified as things that bring you joy and happiness, but are NOT essential to living. (Dining out, entertainment, hobbies, etc.)
The final 20% should be spent on savings, paying off debt, and retirement planning.
I feel like a lot of people confuse wants for needs, and we know the difference deep down, but we really want the one that we don't have the self-discipline to say no.
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ABOUT ME 👇
My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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I don’t know why this stuff isn’t taught in grade school.
I have a hunch…
It makes you more difficult to control if your finances are stable.
Some of it is. (Not exactly this) in Florida a economics class is an elective in HIgh School
They want you go to school to get a job. That’s it. Not get rich.
They want you to go into debt as USA is a consumer economy. This type of stuff is only learned at home or individuals that seek it out.
50/50 is how i roll, i was in debt never again, im addicting to saving money now. i’ll never be poor again!
Like ur attitude!
I save 60% i decided to move back home after college and save up a bunch. Graduated debt free too!
gaaaaay. live life a little
Same here although I’m more like 70%. I will never be in debt again, I don’t like to be owned by some institution or person.
@john gaynor good point, must invest.
My supervisor who makes way more than me said she needs a place to live because her landlord is selling. Should’ve seen the look on her face when I told her I had a vacancy at one of my rentals.
E Rodriguez you’re 4 the ppl 🙏🏽
Is she hott?? Lol
Love it!
E Rodriguez 🤣! Love it!
E Rodriguez it’s not how much you it’s how much you keep
I currently have 60% going to savings. Just graduated college with 0 debt too!
That’s awesome, keep it up!
Congratulations
Jim Bob well you must be rich
I like that 👍
Keep it up”
I support you.
Is what I have to do:)
I’m working on it👍
Exactly, did the same, i have saved the amount people have in dept out of college. Screw pride lets go with common sense, i save on rent, while paying the parents half of what rent alone would be so they save on their mortgage, it’s win-win
I’m looking at this dudes handwriting like, yup he’s definitely a teacher
LOL!
Or a doctor 🤣
@@joshvb9484 lmao
he is
@pïnned by Tan Choudhurry. 🖕🏿
invstors need to act cautiously but remain vigilant in monitoring the market landscape for opportunities to pick up high-quality assets at discounted prices. These are difficult environments, but they also coincide with the best opportunities.
Working with a Financial Advisor to help guide you on your wealth-building journey if you’re just starting out is a wonderful way to get started . They helps to manage investment overall risk profile , prevent permanent loss of capital consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal
This is why being informed pays off. I see any market condition as an opportunity, so far i just dollar cost average. I’ve accrued $321k so far in 2022 as raw profits under the guidance of my Financial-Advisor “Eileen Ruth Sparks”I don’t pay attention to the day to day movements, Returns have been good. Not retiring any time soon so who cares what happens today?
@@checkforme234 Glad to have stumbled on this conversation.I’m a typical late 40’s, working class mom concerned for the future in all aspects of where we all going, in this breath finances. Please can you leave the info of your Financial-Advisor here? I’m in dire need of one
You can easily look her up, she has years of financial market experience.
The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that’s to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations,I’m still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market?
Find stocks with yields that exceed the market and stocks that, at the very least, follow the long-term market trend. However, you should get guidance from a financial advisor if you want to create a successful long-term plan…
Nowadays, buying trending stocks is really simple; the challenge is knowing when to sell or hold. I’ve accumulated over $337k from an initially stagnant reserve of $148K all within 18 months, which is where my advisor comes in to help me with entry and exit points….
Having an advisor is essential for portfolio diversification. My advisor is “Kaitlin Rose Sternberg” who is easily searchable and has extensive knowledge of the financial markets.
Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.
Indeed, currently I’m managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $650K in profits. However, I’ve had losses in the past month, making me anxious. I’m unsure whether to sell everything or wait.
I always consult a financial advisor before investing. During the pandemic, I used their strategies to minimize risks and maximize profits, generating around $3 million in three years with my advisor, Stacey Lee Decker.
I’m intrigued by the idea of investing with an analyst, it seems like a wise choice in today’s market. Could you provide me with some guidance on how to get in touch with her?
With the help of google you can book an appointment. She has a wealth of experience in the financial market gained over several years.
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don’t know where to go here out of devastation.
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
@@hunter-bourke21 Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.
Much credit goes to *Camille Alicia Garcia* for her significant contributions. She maintains an online presence, making it easy to locate her. While other advisors might pose challenges to find, Julia has proven to be an excellent mentor throughout the year.
It is really incredible!!!! because I’m just shocked that someone mentioned and recommended Camille Alicia Garcia. I thought people didn’t know her… She’s really great!
There is potential for considerable wealth increase with the correct strategy. I want to know; How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
I agree. Based on personal experience working with an investment advisor, I currently have $1m in a well-diversified portfolio that has experienced exponential growth. It’s not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
Natalie Marie Tuttle is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
The job of finance experts has expanded more than ever, and it is now essential to have a strategic outlook, industry-ready financial knowledge, and caution to help boost firm profitability and expansion.
As the stock market continues to expand, there are plenty of opportunities to work with international clients and manage foreign investments.
This can be a great way to diversify your portfolio and gain valuable experience in different global markets.
Investment management offers global opportunities.
As long as you have basic knowledge of the stock market and a desire to learn more about investing, you can quickly get started in the field by getting an expert financial advisor like Bianca Harley Doran for the purpose of achieving great investment returns.
It is an intellectually stimulating career.
if the idea is to build an income stream to use as complement for retirement, or at any given point if needed, then building a dividend growth portfolio always buying adding to it could be a good and peaceful path. On the long run consistency and perseverance could guaranty the desired income stream goal with little worries
the idea is to Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions.
Well said, with the help of the an investment advi-sor, I diversified my 62K portfolio across many markets and in a matter of months, I was able to produce over 356K in net profit from high dividend yield equities, bonds, and exchange-traded funds (ETFs).
wow massive gains! my partner recently hinted on going same direction.. what did you invest in, and who is your investment advisr please, if you dont mind me asking? in dire need of asset allocation
She goes by ‘Rachel Sarah Parrish’. I choose to delegate my excesses to her because of her great expertise. I suggest you look her up. To be honest, almost didn’t buy the idea of letting someone handle growing my finances, but so glad I did!!!
I appreciate this share. I set up a call with her and I am keen on getting to talk to her particularly.
It’s quite shocking how few people know about the forbidden book: Making money your reality
Well that literally flies directly in the face of what Jesus taught, and if we’re going to talk about how it’s shocking people don’t make money their reality, we should be willing to look at the exact reason why they don’t do that.
Christianity and Catholicism have been the largest religions in the Western World for hundreds of years. It’s what has driven us to become what we are today.
Jesus said “You cannot serve two masters. You cannot serve God and Money. You will either love one and hate the other, or respect one and despise the other.”
So that’s why people in the West are so abhorrent to the idea of “Making money their reality.” Because to do that is to go against the very religions that have controlled our societies for a long time.
.
Meanwhile, the ones who run these religions are the ones with the most money and the most power in the physical world. It’s a vicious cycle.
Where can i find this book? When im looking online i cant seem to
I have 35% of my capital investments in an IRA, 25% in index funds, and the balance spread across other investment accts totalling over $250k. I took a big hit in Q2, 2023. Right now i am just looking for ways to recover in 2024.
There are a lot of strategies to make tongue-wetting profit especially in this down market, but such sophisticated trades can only be carried out by proper market experts
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
this is all new to me, where do I find a fiduciary, can you recommend any?
‘Rachel Sarah Parrish’ is the licensed coach I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
I don’t mean to brag but I just paid off my mortgage and I’m officially debt free! I put in 20k into various assets which I saved using some of these techniques last year and flipped into six figures within a few months and still going. I hope to attain financial freedom soon. One more thing, keep up the good work.
Well, congrats, but you can’t overlook the fact that it’s paramount not to get greedy but to remain invested through careful study, if not you can lose it all.
What assets did you invest in? I’m new to this and don’t know what or where to invest in.
It’s not rocket science. As I said previously, I got into stocks, index funds, and REITs, myself but wasn’t getting the results I wanted the first couple of months. Got tired of taking losses and decided to seek mentorship from Jonas Herman, a certified fiduciary who helps oversee my investments.
@@Lfgyf That’s your view. In my experience, there is no such thing as a mentor or formula, it is nearly impossible to achieve success with investing. It’s all just gambling.
Sounds like I need help so bad. To me, these get rich quick schemes are not worth it and I know that’s the same mindset holding me back from taking a step forward.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession– it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don’t know how they do it. I have about $89k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $21k ROI, and this does not include capital gain.
Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.
‘Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I had $150K in cash savings sitting in the bank with minimal gains, so I decided to invest in stocks after hearing about people profiting even during market crashes. However, my portfolio isn’t performing as well. How should I invest at this point?
Guess you did not do enough research on stocks you bought. there are strategies that can get you a lot of profit in the market, but you have to consult with a finance expert to help you diversify your porfolio
Having an investment advisor is the best approach to the stock market right now. I was going solo without much success until my wife introduced me to an advisor. I’ve achieved over 80% capital growth this year, excluding dividends.
Wonderful!!! I’ve recently sold property and aim to invest the proceeds in stocks, I’m seeking guidance. How can I reach them?
’Jennifer Leigh Hickman’ is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Wow, her track record looks really good from what I found online.i just searched her name and messaged her and I also scheduled a call with her
just sold a property in Texas and I’m thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I’m really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge
Very true, despite having no prior investing knowledge, I started investing before the pandemic. and pulled in a profit of approximately 950k that same year. In reality, all I was doing was getting professional advice
I sincerely aspire to established a secure financial future and I am eager to participate , who is the driving your success?
I’d say a little due diligence on “Dianne Sarah Olson” truly exceptional
thanks for this tip… it was so easy to find your coach.. did my due diligence on her before emailing her. she seems proficient considering her resume
I’ve been working hard to achieve early retirement and financial freedom via saving, investing, and working. But since the epidemic, the economy has declined, severely weakening my portfolio. Now, my query is: In current erratic markets, should I keep adding to my portfolio, or should I look into other industries?
Explore the opportunity to engage financial advisors, estate planners, or tax consultants. Leveraging their specialized skills can support you in making informed financial decisions.
Undeniably factual. Despite my absence of prior investing acumen, I ventured into investments pre-pandemic and managed to amass a profit of about $450k within that year. Essentially, I solely relied on professional counsel.
‘Laurelyn Gross Pohlmeier’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
aww poor you 😂
their is kids starving and you think you are in a bad place??
you are just spoiled and dont even realize it
If you are in USA, there are other passive income options that can add to your overall portfolio to offset the volatility of the stock market. Ex: US Treasury Direct (dot) gov website; EE & I Bonds. It also depends on your investment goals. Something to ponder: Do you want to make money fast or are you in it for tge long-term?
I recently sold a house in Portland, and I’m considering investing the proceeds in stocks. I know it’s a wonderful time to buy, but is this the right moment? When will I fully recover? I’m honestly just perplexed at this point as to how other folks in the same market are making over $450,000 in gains in a matter of months.
For any investor, a strong plan is essential to their portfolio. The higher the risk, the bigger the possible return when it comes to making important decisions, thus it makes sense to consult with seasoned experts.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She’s helped grow my reserve notwithstanding inflation, from $275k to $850k.
Lately, I’ve been researching advisors, but the market updates I’ve encountered haven’t been very positive. Who’s your guide?
NYCOLE CHRISTINA VANNATA a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I just googled her and I’m really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.